Will be using both Key Resistance and Support to enter the market, if price fails to enter any region and include a confident reason to enter, then we will not enter.
A good time to map the strategy and flows for CADNOK as we approach year-end. As you will have noticed I am tracking for a major pullback in the cross over the first half in 2020, this is coming from large macro forces at play. Central bank coordination has opened up the opportunity for NOK to outperform CAD.
Firstly the reflation theme via USD devaluation is...
Last week finally closed out with a breakout of Price is Major Uptrend Channel. Will be waiting for an exhaustion after price plummets bearish, Fibonacci retracement and Extension will be key in this trading idea with the 38% lining up with our retest of breakout trendline and showing a major continuation in bearish trend.
Pattern: 1W Rising Wedge.
Signal: Bullish as the price made a Higher Low and bounced on the 1D MA50.
Target: 10.300 and 10.400 in extension (greater risk though as the 1D RSI is on a bearish divergence).
The pair is trading within a 1W Rising Wedge (RSI = 59.298, MACD = 0.080, Highs/Lows = 0.0000). Yesterday not only it made contact with the Higher Low trend line, but also touched the 1D MA50 (blue line). This indicates that the price has more probabilities to rebound towards a new Higher High. Our Target Zone is 10.400 - 10.500.
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Waiting for price to break both the Head and Shoulders Pattern and more Importantly the Ascending Channel, this Advanced pattern is invalid if price doesn't continue to break below this Parallel Channel. There's a chance price can Respect its channel and the market will Reverse Bullish, that is why it is so important we let price work its course and we will enter...
Rejected at zone and falling.
Brokevthrough trendline. Watch area
Around emas. With macd crossdown
Could retest bottom zone. Were on a
Gap fill end and at emas. Need confirmation
Below.
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Closing triangle maintained for past 13 years can build a very good short position for the coming years but if it fails to break the resistance line it will go long for the coming years again. brace yourselves.
EUR/NOK has reached a resistance zone near the all-time high of 10.1573 + spread and may be in a rising wedge. It could be a good long-term short from here (over 10.06), as NOK have been raising interest rates this year (last on Sep 19th), now at 1.50%, due to a solid economy. I'm short from 10.06237 and 10.06587. A short with TP 2000 pips (9.862) SL 2000 pips...
EUR/NOK has reached a resistance zone near the all-time high of 10.1573 + spread. It could be a good long-term short from here (over 10.06), as NOK have been raising interest rates this year (last on Sep 19th), now at 1.50%, due to a solid economy. I'm short from 10.06237 and 10.06587. A short with TP 2000 pips (9.862) SL 2000 pips (10.262) makes the TP within...
Pattern: 1M Channel Up.
Signal: (A) Bullish towards the potential Double Top and (B) Bearish towards the 0.382 Fibonacci retracement.
Target: (A) 11.5200 and (B) 11.1600.
